In the commodity market, oil prices are bullish at the start of the week, recovering some of the previous losses. Crude prices are increasing on hopes that OPEC+ would maintain current production cuts. Besides this, the rebound in Asian economies, such as China and Japan, is expected to support fuel demand. WTI is up 1.45% to $40.72, and Brent has gained 1.19% to $43.28. Last week, both brands surged over 8% on the vaccine news.
Gold is increasing on Monday morning as the number of COVID cases continue to accelerate, especially in the US and Europe. The metal is up 0.07% to $1,888.
In FX, the US dollar is declining on the same pessimism over pandemic resurgence. The USD Index is down 0.17% to 92.593. EUR/USD is up 0.14% to 1.1848.
The pound has gained in pair with both the euro and the USD, after Environment Secretary George Eustice told BBC that the sensitive issues between the UK and European Union can be solved and that “agreement exists” between the two. Still, time is running out, and there is still no major breakthrough.
By Strategy Desk
